Diamyd to divide operations

Sweden's Diamyd Medical says it is dividing its operations into two parts: diabetes and pain. Elisabeth Lindner, president and CEO of Diamyd, said the move will come during the 2010/2011 fiscal year.

"We have decided to divide our operations in order to highlight our pain portfolio," Lindner said in commenting on the company's year-end report. "We see a great medical need and an opportunity to quickly demonstrate the value of our pain portfolio by continuing our cancer pain program with NP2 Enkephalin. In addition to NP2 Enkephalin, Diamyd currently has two more candidate drugs in business area Pain: NG2 GAD and NE2 Endomorphin, creating good prospects for the further development of a competitive product portfolio in the area of pain."

During Q4, Diamyd signed an agreement with Ortho-McNeil-Janssen Pharmaceuticals to develop and commercialize the Diamyd diabetes therapy. The company also reported promising safety findings from a Phase I study in chronic pain with the candidate drug NP2 Enkephalin. Substantial and sustained reduction in pain scores were reported in the middle and high dose cohorts treated with the therapy.

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